Hon Christian Porter BA(Hons) BEc LLB(UWA) MSc(Dist)(LSE) MLA

Hon Christian Porter BA(Hons) BEc LLB(UWA) MSc(Dist)(LSE) MLA

Former Treasurer; Attorney General

    WA drives strong domestic economic growth

    7/06/2012 12:00 AM
     
    • WA economy grows by 14.5% in the year to March 2012
    • Australian domestic economy grows by 5% over same period
    Treasurer Christian Porter said the Western Australian economy continued to drive Australian domestic economic growth, with the latest figures from the Australian Bureau of Statistics (ABS) showing WA grew 14.5 per cent in the year to March 2012.

    Mr Porter said the figures also revealed astonishing demand growth for WA of 7.8 per cent in the first quarter of 2012.

    “These statistics once again show that WA is the powerhouse of the national economy,” he said.

    But the Treasurer said the figures indicated that the Federal Government could not continue to take WA’s economic prosperity for granted.

    “With Australia’s domestic economic growth at five per cent in the year to March 2012, it is clear that WA’s resources industry is underpinning the rest of the country,” he said.

    “But without sustained investment in labour and infrastructure from the Federal Government, WA will not be able to properly capitalise on this rare economic opportunity and Australia as a whole will suffer.”

    Mr Porter said WA’s critical importance to the national economy was a key reason why a fair share of the GST should be returned to the State so that it could be reinvested in key economic infrastructure.

    The Treasurer said that in 2010-11, the Commonwealth derived $41.9billion in revenue from WA, while expenditure from the Commonwealth for the benefit of WA totalled just $27billion.

          Fact File
    • The above statistics from ABS relate to ‘final demand’ - this is a measure of the demand for goods and services in each jurisdiction
    • National GDP, as opposed to ‘final demand’, grew by 1.3% in the March quarter
    • Full statistics are available at http://www.abs.gov.au

    Minister's office - 6552 5600